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INFORMATION DISCLOSURE TO SHAREHOLDERS PT
CASHLEZ WORLDWIDE INDONESIA Tbk (“COMPANY”)
This Information Disclosure to Shareholders is prepared and addressed to the Shareholders of the
Company and the public in connection with:
1. Adjustment and addition of business activities as referred to in Financial Services Authority
Regulation No. 17/POJK.04/2020 concerning Material Transactions and Changes in Business
Activities (“POJK No. 17/2020”).
2. Change of the use of proceeds from the public offering as referred to in Financial Services
Authority Regulation No. 40/POJK.04/2025 concerning the Use of Proceeds from Public
Offerings (“POJK No. 40/2025”).
PT Cashlez Worldwide Indonesia Tbk (“Company”)
Domiciled in Jakarta
Line of Business:
Jasa Finansial Teknologi dan Pembayaran Digital
Head Office:
Luminary Tower, Lantai 69
Jl. M.H. Thamrin No. 10 Kawasan Thamrin Nine
Kebon Melati, Tanah Abang, Jakarta Pusat 10230
Phone: (021) 5745856
Website: www.cashup.id
Email: corsec@cashup.id
THE BOARD OF DIRECTORS AND THE BOARD OF COMMISSIONERS OF THE COMPANY,
BOTH INDIVIDUALLY AND JOINTLY, ARE FULLY RESPONSIBLE FOR THE ACCURACY
AND COMPLETENESS OF THE INFORMATION AS DISCLOSED IN THIS INFORMATION
DISCLOSURE AND AFTER MAKING A CAREFUL EXAMINATION, HEREBY CONFIRM THAT
THE INFORMATION CONTAINED IN THIS INFORMATION DISCLOSURE IS TRUE AND
THERE ARE NO IMPORTANT MATERIAL AND RELEVANT FACTS THAT ARE OMITTED OR
LEFT OUT THAT COULD CAUSE THE INFORMATION IN THIS INFORMATION DISCLOSURE
TO BE UNTRUE AND/OR MISLEADING.
THE INFORMATION CONTAINED IN THIS INFORMATION DISCLOSURE IS
IMPORTANT TO BE READ AND CONSIDERED BY THE SHAREHOLDERS OF THE
COMPANY.
IF YOU HAVE DIFFICULTY IN UNDERSTANDING THE INFORMATION CONTAINED IN
THIS INFORMATION DISCLOSURE OR ARE IN DOUBT AS TO TAKING A DECISION, YOU
SHOULD CONSULT A STOCKBROKER, INVESTMENT MANAGER, LEGAL ADVISOR,
PUBLIC ACCOUNTANT, OR OTHER PROFESSIONAL ADVISOR.
Information Disclosure was published in Jakarta on September 1, 2026.
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I. DEFINITIONS AND ABBREVIATIONS
Unless contextually defined otherwise in this Information Disclosure, the capitalized terms
used in this Information Disclosure shall have the following meanings:
Public Public Accountant Office Paul Hadiwinata, Hidajat, Arsono, Retno, Palilingan &
Accountant Rekan (“PKF”) as the independent auditor that conducted the review of the
financial statements.
Board of The Board of Commissioners of the Company currently serving at the time of the
Commissioners announcement of this Information Disclosure.
Board of The members of the Board of Directors of the Company currently serving at the
Directors time of the announcement of this Information Disclosure.
Information The information contained in this Information Disclosure is disclosed in order to
Disclosure comply with the provisions of POJK 17/2020 and POJK 30/2015.
KBLI The Indonesian Standard Industrial Classification (KBLI)
OJK Financial Services Authority (Otoritas Jasa Keuangan) is an independent
institution free from interference by other parties, which has functions, duties,
and authorities for regulation, supervision, examination, and investigation as
referred to in Law No. 21 of 2011 concerning Financial Services Authority.
Shareholders The shareholders of the Company whose names are registered in the Register of
Shareholders of the Company issued by the Securities Administration Bureau,
namely PT Sinartama Gunita.
Additional Additional Business Activities referred to includes:
Business a. addition of Business Activities not yet contained in the Articles of Association
Activities and to be conducted;
b. the Public Company intends to conduct Business Activities already stated in
the Articles of Association but not yet conducted;
c. reduction of Business Activities currently conducted by the Public Company;
and
d. replacing all Business Activities currently conducted with new Business
Activities.
Independent Public Appraiser Office Tobing Panuturi & Rekan, an independent appraiser
Appraiser registered with the Financial Services Authority of the Republic of Indonesia
appointed by the Company to conduct a valuation on the fair value and/or fairness
of the Transaction.
Company PT Cashlez Worldwide Indonesia Tbk, a public company established and subject
to the laws of the Republic of Indonesia, domiciled in Jakarta.
POJK 17/2020 Financial Services Authority Regulation No. 17/POJK.04/2020 concerning
Material Transactions and Changes in Business Activities.
POJK 40/2025 Financial Services Authority Regulation No. 30/POJK.04/2015 concerning
Report on Realization of the Use of Proceeds from Public Offerings.
II. FOREWORD
This Disclosure is made by the Company in order to comply with the provisions of the laws
and regulations in the Capital Market sector, with regards to:
1. The plan of the Company to add its business activities with reference to the 2025
Indonesian Standard Business Field Classification (“KBLI”) as stipulated in the Central
Statistics Agency Regulation No. 7 of 2025 on the Indonesian Standard Industrial
Classification (“Additional Business Activities”), as well as to comply with Article 22
of Financial Services Authority Regulation No. 17/POJK.04/2020 concerning Material
Transactions and Changes in Business Activities.
2. The plan to change the use of proceeds from the public offering, as stipulated in Article
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9 of Financial Services Authority Regulation No. 30/POJK.04/2015 concerning Report
on Realization of the Use of Proceeds from Public Offerings.
Based on the Deed of Statement of Meeting Resolutions of the Company No. 217 dated May
28, 2025, drawn up before Jimmy Janal, S.H., M.Kn., Notary in Administrative City of South
Jakarta, as confirmed in the Notification Letter of the Ministry of Law of the Republic of
Indonesia No. AHU-AH.01.09-0298604 dated June 16, 2025 and registered in the Register
of Companies No. AHU-0132347.AH.01.11.YEAR 2025 dated June 16, 2025, the purposes
and objectives as well as the business activities of the Company include the following:
No KBLI Business Activities
1 63122 Commercial Web Portals and Digital Platforms
2 66411 Payment Service Provider (PSP)
3 62012 Internet Trading Application Development Activities (E-Commerce)
4 66413 Payment System Support Services
5 58200 Software Publishing
6 47414 Retail Trade of Telecommunication Equipment
7 47793 Retail Trade of Other Machinery and Equipment
The Company intends to Change and Add Business Activities in accordance with the BPS
Regulation No. 7 of 2025 concerning the Standard Classification of Indonesian Business
Fields, with details of the business activities as follows:
No KBLI Code
Business Activities
Previous New
1. 47414 46523 Wholesale Trade of Telecommunications Equipment
2. 47793 46591 Wholesale Trade of Office and Industrial Processing
Machines, Spare Parts, and Accessories
3. 58200 58290 Other Software Publishing
4. 66411 66141 Payment Service Provision
5. 66413 66143 Payment System Support Services
6. 62012 62199 Other Computer Programming Activities
Addition of Business Activities is carried out as follows:
No KBLI Business Activities
1. 95101 Repair and Maintenance of Computers and Similar Equipment
2. 66199 Other Financial Service Support Activities Except Insurance and Pension
Funds
3. 77394 Rental and Leasing of Office Machines and Equipment
(hereinafter all adjustments and additions of business activities above are collectively
referred to as the “Proposed Addition of Business Activities”). The plan for the adjustment
and addition of business activities will be carried out in accordance with the provisions of
POJK No. 17/2020. The Company has appointed the Public Appraiser Office (“KJPP”)
Ferdinand, Danar, Ichsan & Partners to prepare the Business Feasibility Study with Report
No. FDI.JKT/0016/LAP/B/SK/VIII/2026 dated August 31, 2026.
Furthermore, regarding the Company’s plan to amend the Allocation of Public Offering
Proceeds, the Company intends to make several adjustments to the allocation accounts in
accordance with the Company’s current business conditions and developments (the
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“Proposed Amendment to the Allocation of Proceeds”).
In accordance with the matters mentioned above, the Board of Directors of the Company
hereby announces this Information Disclosure through the websites of the Company and the
Indonesia Stock Exchange with the intention of providing more complete information and an
overview to the Shareholders of the Company regarding the plan for the Addition of Business
Activities and the Amendment to the Allocation of Public Offering Proceeds, as regulated
under POJK 17/2020 and POJK 40/2025. The Company plans to seek approval from the
Shareholders at the Extraordinary General Meeting of Shareholders of the Company, which
is scheduled to be held on October 8, 2026 (the “EGMS”).
III. BRIEF DESCRIPTION OF THE COMPANY
A. General
The Company was established under the name PT Cashlez Worldwide Indonesia Tbk
pursuant to Deed No. 1 dated January 12, 2015 (“Deed No. 1/2015”), drawn up before Novita
Puspitarini, S.H., Notary in the Administrative City of South Jakarta, which obtained legal
entity status from the Minister of Law and Human Rights of the Republic of Indonesia as
confirmed in the Decree No. AHU-0001712.AH.01.01. Year 2015 dated January 15, 2015
and registered in the Register of Companies No. AHU-0004087.AH.01.11. Year 2015 dated
January 15, 2015.
On May 4, 2020, the Company obtained an effective statement from the Financial Services
Authority (OJK) and listed its shares on the Indonesia Stock Exchange (IDX) under the ticker
code “CASH”. In the corporate action, the Company issued 250,000,000 (two hundred fifty
million) shares at an offering price of IDR 350 (three hundred fifty Indonesian Rupiah) per
share and successfully raised net proceeds of IDR 87,500,000,000 (eighty-seven billion five
hundred million Indonesian Rupiah). The implementation of the Initial Public Offering also
changed the Company’s status from a private company to a public company.
The Articles of Association of the Company have been amended several times. Counting
from the date of issuance of the Company’s Deed of Establishment, the Articles of
Association were last amended pursuant to the Deed of Statement of Meeting Resolutions of
PT Cashlez Worldwide Indonesia Tbk No. 5 dated August 3, 2026 (“Deed No. 5/2026”),
drawn up before Jimmy Tanal, S.H., M.Kn., Notary in the Administrative City of South
Jakarta, which was received and recorded in the Legal Entity Administration System of the
Ministry of Law and Human Rights of the Republic of Indonesia No. AHU-AH.01.03-
0230206 dated August 12, 2026 (“Articles of Association”).
B. Capital Structure and Shareholding Composition
Refers to the Deed of Statement of Meeting Resolutions of the Company No. 05 dated August
03, 2026, drawn up before Notary Jimmy Tanal, S.H., M.Kn., Notary in the Administrative
City of South Jakarta, as affirmed in the Decree of the Ministry of Law and Human Rights
of the Republic of Indonesia No. AHU-AH.01.03-0230206 dated August 12, 2026, and
registered in the Company Register No. AHU-0200866.AH.01.11.TAHUN 2026 dated
August 12, 2026.
Authorized Capital : IDR 56.544.211.296
: (fifty-six billion five hundred
forty-four million two hundred eleven thousand two
hundred ninety-six Indonesian Rupiah) divided into
4.712.017.608 (four billion seven hundred twelve
million seventeen thousand six hundred eight)
shares, each share with a nominal value of IDR 12
(twelve Indonesian Rupiah);
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Issued and Paid-Up Capital : IDR 29.133.626.592 (twenty-nine billion one
hundred thirty-three million six hundred twenty-six
thousand five hundred ninety-two Indonesian
Rupiah) divided into 2.427.802.216 (two billion
four hundred twenty-seven million eight hundred
two thousand two hundred sixteen) shares.
The Shareholding Composition of the Company based on the Register of Shareholders
(DPS) as of July 31, 2026, issued by the Share Registrar (BAE) PT Sinartama Gunita is as
follows:
C. Board of Directors and Board of Commissioners Composition
The composition of the members of the Board of Commissioners and Board of Directors of
the Company currently serving as of the date of publication of this Information Disclosure
was appointed pursuant to the Deed of Statement of Meeting Resolutions No. 217 dated May
28, 2025, drawn up before Jimmy Tanal, S.H., M.Kn., Notary in the Administrative City of
South Jakarta, which was received and recorded in the Legal Entity Administration System
of the Ministry of Law and Human Rights of the Republic of Indonesia No. AHU-AH.01.09-
0298604 dated June 16, 2026, and registered in the Company Register No. AHU-
0132347.AH.01.11.TAHUN 2025 dated June 16, 2025.
The composition of the members of the Board of Commissioners and Board of Directors of
the Company is as follows:
Board of Directors
Presiden Direktur : Willy Chandry
Direktur : Oktavianus
Board of Commissioners
Presiden Komisaris : Surya Aseanto Putra
Komisaris Independen : Niniek S Rahardja
D. Summary of Financial Data and Key Financial Ratios
The following is a summary of the Company’s consolidated statements of financial position for the
periods ended December 31, 2021 through June 30, 2026, with the financial information as of June 30,
2026 based on the results of a Limited Review conducted by KAP Paul Hadiwinata, Hidajat, Arsono,
Retno, Palilingan & Rekan:
With the Independent Auditor’s Report (IAR) number, date of the IAR, audit opinion, and name of the
Public Accountant for the audited financial statements for each respective period, as follows:
1. The Company’s Consolidated Financial Statements for the period ended June 30, 2026, based on
Limited Review Report No. PHHARP-AL/203/HS/DN/2026, which was conducted by KAP Paul
Hadiwinata, Hidajat, Arsono, Retno, Palilingan & Rekan as an independent party and signed on
August 27, 2026 by Heri Setianto, S.E., CPA, with the conclusion that nothing has come to the
attention of KAP that causes them to believe that the financial statements do not present fairly, in all
material respects, in accordance with Indonesian Financial Accounting Standards.
2. The Company’s Reissued Consolidated Financial Statements for the period ended December 31,
2025, under Independent Auditor’s Report No. 01815/2.1133/AU.1/05/1929-3/1/VI/2026, which
were audited by KAP Paul Hadiwinata, Hidajat, Arsono, Retno, Palilingan & Rekan and signed on
February 16, 2026 by Heri Setianto, S.E., CPA, with an opinion that the financial statements present
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fairly, in all material respects.
3. The Company’s Consolidated Financial Statements for the period ended December 31, 2025, under
Independent Auditor’s Report No. 00110/2.1133/AU.1/05/1929-3/1/II/2026, which were audited by
KAP Paul Hadiwinata, Hidajat, Arsono, Retno, Palilingan & Rekan and signed on February 16, 2026
by Heri Setianto, S.E., CPA, with an opinion that the financial statements present fairly, in all
material respects.
4. The Company’s Financial Statements for the period ended December 31, 2024, under Independent
Auditor’s Report No. 00726/2.1133/AU.1/05/1929-2/1/III/2025, which were audited by KAP Paul
Hadiwinata, Hidajat, Arsono, Retno, Palilingan & Rekan and signed on March 27, 2025 by Heri
Setianto, S.E., CPA, with an opinion that the financial statements present fairly, in all material
respects.
5. The Company’s Financial Statements for the period ended December 31, 2023, under Independent
Auditor’s Report No. 00608/2.1133/AU.1/05/1929-1/1/III/2024, which were audited by KAP Paul
Hadiwinata, Hidajat, Arsono, Retno, Palilingan & Rekan and signed on March 28, 2024 by Heri
Setianto, S.E., CPA, with an opinion that the financial statements present fairly, in all material
respects.
6. The Company’s Financial Statements for the period ended December 31, 2022, under Independent
Auditor’s Report No. 00566/2.1133/AU.1/05/0121-1/1/III/2023, which were audited by KAP Paul
Hadiwinata, Hidajat, Arsono, Retno, Palilingan & Rekan and signed on March 30, 2023 by Akhyadi
Wadisono, CPA, with an opinion that the financial statements present fairly, in all material respects.
7. The Company’s Financial Statements for the period ended December 31, 2021, under Independent
Auditor’s Report No. 00615/2.1133/AU.1/05/1601-2/1/III/2022, which were audited by KAP Paul
Hadiwinata, Hidajat, Arsono, Retno, Palilingan & Rekan and signed on March 28, 2022 by Josef
Surono, S.E., M.Ak., CPA, with an opinion that the financial statements present fairly, in all material
respects.
a. Statement of Financial Position
(In millions of Rupiah)
Description 2021 2022 2023 2024 2025 30 June
(Reissue) 2026
Aset Lancar 86.702 48.903 60.880 53.705 117.836 105.613
Aset Tidak 68.286 176.585 168.962 179.926 91.312 87.261
Lancar
Total Aset 154.988 225.487 229.842 233.631 209.148 192.875
Liabilitas 48.151 38.128 72.653 56.443 116.634 105.573
Jangka Pendek
Liabilitas 1.693 2.811 2.290 56.058 92.963 124.912
Jangka Panjang
Total liabilitas 49.844 40.939 74.943 112.501 209.597 230.485
Total Ekuitas 105.144 184.548 154.899 121.130 (450) (37.611)
b. Statement of Profit or Loss and Other Comprehensive Income
(In millions of Rupiah)
Description 2021 2022 2023 2024 2025 30 June
(Reissue) 2026
Pendapatan 140.851 128.980 194.879 138.344 110.186 84.683
Beban Pokok (103.965) (99.095) (178.748) (119.335) (78.918) (65.564)
Pendapatan
Laba Bruto 36.886 29.885 16.132 19.009 (31.268) 19.119
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Beban Penjualan (1.537) (1.725) (2.584) (1.915) (1.650) (799)
Beban Umum (46.467) (38.689) (48.774) (52.712) (53.333) (33.384)
Administrasi
Laba (Rugi) Sebelum (8.623) (9.248) (37.989) (43.031) (43.744) (24.534)
Pajak
Laba (Rugi) Tahun (8.682) (9.809) (30.425) (34.802) (56.645) (37.781)
Berjalan
c. Statement of Cash Flows
(In millions of Rupiah)
Description 2021 2022 2023 20242025 30 June 2026
(Reissue)
Arus Kas Aktivitas Operasi 17.926 (37.772) (4.419) (13.513) (27.219) 29.816
Arus Kas Aktivitas Investasi (80.298) 9.949 (9.326) (2.178) (6.540) (4.499)
Arus Kas Aktivitas Pendanaan 79.789 (1.645) 9.802 18.590 35.501 29.620
Kenaikan bersih kas dan setara 17.417 (29.467) (3.943) 2.900 1.741 54.938
kas
Kas dan setara kas awal tahun 26.014 43.431 13.464 9.520 12.420 14.161
Kas dan Setara Kas Akhir 43.431 13.964 9.520 12.420 14.161 69.099
Tahun
Financial Ratios
Key Financial Ratios Affected, Including the Applicable Units (percentage / x) for Each Financial
Ratio
Description 2021 2022 2023 2024 2025 30 Juni 2026 Average
Likuidity (X)
Rasio Lancar 180 128,26 83,80 95,15 101,03 100,04 117,66
Rasio Cepat 156 99,87 72,12 84,20 86,62 91,14 99,78
Rasio Kas 29,96 24,97 21,15 30,18 61,64 22,93 33,58
Solvability
(%)
Rasio utang 32,16 18,16 32,61% 48,15% 100,21 119,5 46,26
terhadap aset
Rasio Utang 47,40 22,18 48,38% 92,88% -46626,68 -612,82 -9283,17
Terhadap
ekuitas
Profitability
(%)
ROA -5,60 -4,35 -13,24% -14,90% -27,08 -19,59 -13,03%
ROE -8,26 -5,31 -19,64% -28,73% 12601,09 100,45 2507,83%
IV. SUMMARY OF THE FEASIBILITY STUDY REPORT IN CONNECTION WITH THE
PROPOSED ADDITION OF BUSINESS ACTIVITIES PURSUANT TO THE
INDONESIAN STANDARD INDUSTRIAL CLASSIFICATION (KBLI)
Summary of the Feasibility Study based on Report No.
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FDI.JKT/0016/LAP/B/SK/VIII/2026 dated August 31, 2026 for PT Cashlez Worldwide
Indonesia Tbk prepared by Public Appraiser Office (KJPP) Ferdinand, Danar, Ichsan
& Partners (KJPP FDI&R).
Par Value of IDR 12 per share
Description Number of Total Nominal Value (%)
Shares (IDR)
Authorized Capital 4.712.017.608 56.544.211.296
Issued and Paid-up Capital:
1. Andri Wijono Sutiono 943.762.501 11.325.150.012 38,8731
2. Hasim Sutiono 942.181.445 11.306.177.340 38,8080
3. Sandra Angelia 193.050.100 2.316.601.200 7,9516
4. Public (each with ownership of less 348.808.170 4.185.698.040 14,3673
than 5%)
Total Issued and Paid-up Capital 2.427.802.216 29.133.626.592 100
Portfolio Shares 2.284.215.395 27.410.584.740
Public Appraiser Office Ferdinand, Danar, Ichsan & Partners as a licensed Public Appraiser
Office holding the Registration Certificate for Capital Market Supporting Professionals in
Financial Services Sector No. STTD.PB-17/PJ-1/PM.02/2023, appointed by the Company
pursuant to the Agreement on Proposal Letter No. 004/FDI.JKT/PB-FS/VII/2026 dated July
15, 2026.
1. Object of the Feasibiility Study
The Object of the Feasibility Study is the change in business activities in the form of KBLI
adjustments and the addition of business activities of the Company, with details as follows:
• KBLI Adjustment
KBLI adjustment refers to the adjustment of codes and/or classifications of the Company's
business activities based on KBLI 2025, including adjustments to business activities
previously listed. The details of the KBLI adjustments are presented in the following
table:
KBLI Code
No Business Activities
Previous New
1. Wholesale Trade of Telecommunications
47414 46523
Equipment
2. Wholesale Trade of Office Machines, Processing
47793 46591
Industry Equipment, Spare Parts, and Accessories
3. 58200 58290 Other Software Publishing
4. 66411 66141 Payment Service Providers
5. 66413 66143 Payment System Support Providers
6. Other Computer Programming Activities Not
62012 62199
Elsewhere Classified
• Addition of KBLI
Addition of KBLI refers to the addition of new business activities that were not previously
listed in the Company's business activities based on KBLI 2025. The details of the
addition of KBLI are presented in the following table:
No KBLI Business Activities
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1. 95101 Repair and Maintenance of Computers/Communication Equipment
2. 66199 Other Financial Service Auxiliary Activities Not Elsewhere
Classified, Except Insurance and Pension Funds
3. 77394 Rental and Leasing of Office Machinery and Equipment
2. Purpose and Objective
The purpose and objective of the Feasibility Study analysis report on the Proposed
Addition/Change of the Company's KBLI business activities are intended to comply with the
Financial Services Authority ("OJK") requirements concerning public company regulations,
specifically Financial Services Authority Regulation No. 17/POJK.04/2020 on Material
Transactions and Changes in Business Activities.
In conducting this Feasibility Study, we are guided by Financial Services Authority
Regulation No. 35/POJK.04/2020 on Valuation and Presentation of Business Valuation
Reports in the Capital Market ("POJK 35"), SEOJK No. 17/SEOJK.04/2020 on Guidelines
for Valuation and Presentation of Business Valuation Reports in the Capital Market ("SEOJK
17"), Code of Ethics for Indonesian Appraisers 2018 7th Edition, and Indonesian Valuation
Standards 2018 7th Edition (KEPI-SPI 7th Edition 2018).
The feasibility study report may only be used in accordance with the purpose and objective
as specified in the proposal and approved; any use outside the specified purpose and objective
shall require a written consent letter from the appraiser.
3. Assumptions and Limiting Conditions
In preparing the Feasibility Study Report, KJPP FDI&R adopted the following assumptions
and limiting conditions:
a. This Feasibility Study Report is a non-disclaimer opinion.
b. The Independent Appraiser has conducted a review of the documents used in the Feasibility
Study process.
c. In preparing this Feasibility Study Report, the Independent Appraiser relies on the accuracy and
completeness of information provided by the assignor or data obtained from publicly available
information and other information deemed relevant by us.
d. The Independent Appraiser uses financial projections that reflect the reasonableness of the
financial projections prepared by management with their achievability (fiduciary duty).
e. The Independent Appraiser is responsible for the execution of the Feasibility Study.
f. This Feasibility Study Report is open to the public.
g. The Independent Appraiser has obtained information regarding the legal status of the Object of
the Feasibility Study from the assignor.
h. The Independent Appraiser is responsible for this Feasibility Study Report.
i. The analysis, opinions, and conclusions made by the appraiser, as well as the Feasibility Study
Report, have been prepared in accordance with POJK 35 and SEOJK 17, the Code of Ethics for
Indonesian Appraisers (KEPI), and the Indonesian Valuation Standards 2018 7th Edition (KEPI-
SPI 7th Edition 2018).
j. KJPP FDI&R emphasizes that the results of our review, analysis, and responsibility are
specifically limited to the Feasibility Study aspects of the assignment object, excluding tax and
legal aspects as those fall outside the scope of the assignment.
k. This Feasibility Study Report is prepared and intended solely for the assignor, in accordance with
the purpose and objective stated in the Feasibility Study Report, and may not be used for any
other purpose and objective, and we assume no liability if this report is used for other purposes.
l. This Feasibility Study is conducted based on assumptions as of the valuation date; therefore,
users of the Feasibility Study Report are advised to exercise caution in determining the relevance
between the results and their specific needs (regarding the use of the report results).
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4. Valuation Methodology In preparing the Feasibility Study Report, KJPP FDI&R conducted an analysis using valuation approaches and procedures for the proposed transaction based on the following aspects: a. Market Feasibility b. Technical Feasibility c. Business Model Feasibility d. Management Model e. Financial Feasibility Feasibility Study Analysis: Market Feasibility Analysis The payment system industry in Indonesia continues to grow alongside increasing economic activity and digital transactions. According to Bank Indonesia, the volume of digital payment transactions in May 2026 reached 5.22 billion transactions, representing a year-on-year growth of 28.14%, with QRIS transactions growing by 95.10%. In line with these developments, according to the e-Conomy SEA 2025 published by Google, Temasek, and Bain & Company, the Gross Merchandise Value (GMV) of Indonesia's digital economy reached approximately US$ 99 billion in 2025 and is projected to increase to approximately US$ 180 billion by 2030. The growth in digital payment activity is also reflected in the transaction value of electronic money purchases, which reached approximately IDR 320.43 trillion in the first quarter of 2026, up 54.37% year-on-year, with the number of QRIS users reaching approximately 62 million and QRIS merchants reaching approximately 44 million. The payment gateway industry in Indonesia comprises various service providers, including Xendit, Midtrans, DOKU, Faspay, Finnet Indonesia, Artajasa Pembayaran Elektronis, NICEPAY, OY! Indonesia, iPaymu, and Jalin Pembayaran Nusantara. The Company provides online and offline payment solutions for corporate and MSME needs, with services distributed through suppliers, partners, and end users/merchants. In supporting its business activities, the formulation of the Company’s marketing strategy is carried out systematically and in a structured manner through stages of analysis, planning, execution, and evaluation. The strategy formulation process begins with an analysis of the Company's internal and external conditions, including historical marketing performance, industry trends, competitive landscape, as well as the needs and behavior of the target market. The results of this analysis serve as the basis for setting the direction of the marketing strategy that supports the achievement of the Company’s business objectives. Technical Feasibility Analysis The Company possesses the capacity to execute business activities in accordance with the adjustments and additions of business activities, namely in the fields of Payment Service Providers (KBLI 66141), Payment System Support Providers (KBLI 66143), Other Software Publishing (KBLI 58290), Other Computer Programming Activities Not Elsewhere Classified (KBLI 62199), Wholesale Trade of Office Machines, Processing Industry Equipment, Spare Parts, and Accessories (KBLI 46591), Wholesale Trade of Telecommunications Equipment (KBLI 46523), Rental and Leasing of Office Machinery and Equipment (KBLI 77394), Repair and Maintenance of Computers/Communication Equipment (KBLI 95101), and Other Financial Service Auxiliary Activities Not Elsewhere Classified, Except Insurance and Pension Funds (KBLI 66199). For these adjustments and additions of business activities, the Company requires equipment and technology support to sustain the Company’s operational activities. Meanwhile, the service process flow is illustrated in the diagram below:
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Business Model Feasibility Analysis The current competitive advantage possessed by the Company is that the Company has obtained a license from Bank Indonesia as a payment gateway provider, experience since 2015 with more than 25,000 merchants, as well as a commitment to maximum service to meet consumer needs. The ability of competitors to replicate products is classified as difficult because the Company possesses differentiation through the provision of an integrated solution comprising EDC devices and supporting software. Meanwhile, many other competitors provide EDC devices without supporting software, thereby requiring users to engage more than one partner/vendor to fulfill device and software needs. The Company’s ability in value creation is supported by the integration of products, services, and technology within the payment ecosystem. Through the adjustment and addition of business activities, the Company can expand services comprising payment service provision, payment system support, software publishing and development, device trading and rental, as well as device repair and maintenance. Management Model Analysis In executing the addition of business activities, the Company will not recruit additional personnel but will utilize existing workforce, and does not require professional experts. Regarding intellectual property, the Company currently holds trademark registration
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certificates for logos, as well as copyrights for several computer programs, including: Cashlez
POS, Cashlez Merchant Portal, Cashlez Android Line Adapter (CARLA), Cashlez Payment
System, Cashlez Link, Cashlez MPOS, and Cashlez Payment Orchestrator.
Potential risks that may arise in the execution of KBLI changes and adjustments include,
among others: Risk of KBLI Mismatch in Legal Documents, Systems, and Regulatory
Reporting; Risk of Business Activity Classification Errors; Risk of Inter-System Data
Inconsistency; Risk of Onboarding Process and Merchant Classification Mismatch;
Compliance Risk Resulting from the Addition of New KBLI; Risk of Human Error in KBLI
Updates; and Risk of Insufficient Socialization on KBLI Changes.
In running each line of business, the Company possesses management capacity with
competent and experienced personnel in their respective fields (key persons). A good
organizational and management system is essential to support the establishment of a
systematic company in internal control so as to build an established entity and achieve its
objectives. A good organizational structure and management are closely linked to integrated
and directed work coordination.
Financial Feasibility Analysis
Under the plan to change business activities, the Company will carry out adjustments and
additions of business activities covering Payment Service Providers (KBLI 66141), Payment
System Support Providers (KBLI 66143), Other Software Publishing (KBLI 58290), Other
Computer Programming Activities Not Elsewhere Classified (KBLI 62199), Wholesale
Trade of Office Machines, Processing Industry Equipment, Spare Parts, and Accessories
(KBLI 46591), Wholesale Trade of Telecommunications Equipment (KBLI 46523), Rental
and Leasing of Office Machinery and Equipment (KBLI 77394), Repair and Maintenance of
Computers/Communication Equipment (KBLI 95101), and Other Financial Service
Auxiliary Activities Not Elsewhere Classified, Except Insurance and Pension Funds (KBLI
66199). The plan to change business activities requires an investment cost of IDR
34.518.304.021.
Break-Even Point Analysis of the Planned Changes in Business Activities During the
Projection Period:
(In Rupiah)
Juli - Des
Uraian 2027 2028 2029 2030
2026
Pendapata 119.997.161.1 240.289.241.2 327.310.279.6 446.352.979.7 609.256.445.4
n 96 54 09 57 45
Biaya 28.760.982.47 58.430.252.06 66.605.503.42 77.193.080.95 91.002.375.36
Tetap 9 4 4 3 9
Biaya 100.383.611.6 201.136.910.1 274.660.769.9 375.285.928.8 513.026.941.5
Variabel 38 41 02 17 55
Break
Event 175.961.839.0 358.603.448.0 414.071.585.2 484.828.922.0 576.162.003.3
Point 61 13 92 41 69
Uraian 2031 2032 2033
Pendapatan 624.910.535.590 640.992.490.125 657.516.481.397
Biaya Tetap 91.892.268.608 93.079.858.825 95.349.731.102
Biaya Variabel 526.125.348.124 539.572.334.831 553.378.566.868
Break Event Point 581.306.249.097 588.280.409.513 602.028.761.382
Page 13
In conducting the financial feasibility analysis, Net Present Value ("NPV"), Internal Rate of
Return ("IRR"), Profitability Index ("PI"), and Payback Period analyses were used, with the
following results:
Description Indicator Unit Analysis Result
Net Present Value NPV > 0 IDR 86.496.379.884
IRR IRR > DR % 26,61%
Profitability Index PI > 0 x 1,25
Payback Period Tahun 7,0
Conclusion
Taking into account the Feasibility Study analysis conducted, which includes Market
Feasibility Analysis, Technical Feasibility Analysis, Business Model Feasibility Analysis,
Management Model Feasibility Analysis, and Financial Feasibility Analysis, provided that
all assumptions are fulfilled, we are of the opinion that the Company's plan in connection
with the Change in business activities in the form of 6 (six) adjusted business activities,
namely Payment Service Providers (KBLI 66141), Payment System Support Providers
(KBLI 66143), Other Software Publishing (KBLI 58290), Other Computer Programming
Activities Not Elsewhere Classified (KBLI 62199), Wholesale Trade of Office Machines,
Processing Industry Equipment, Spare Parts, and Accessories (KBLI 46591), and Wholesale
Trade of Telecommunications Equipment (KBLI 46523); as well as 3 (three) new additional
business activities, namely Rental and Leasing of Office Machinery and Equipment (KBLI
77394), Repair and Maintenance of Computers/Communication Equipment (KBLI 95101),
and Other Financial Service Auxiliary Activities Not Elsewhere Classified, Except Insurance
and Pension Funds (KBLI 66199), is FEASIBLE.
V. KETERSEDIAAN TENAGA AHLI SEHUBUNGAN DENGAN RENCANA
PENAMBAHAN KEGIATAN USAHA
In carrying out the expansion of business activities, the company will not add workforce but
will utilize its existing personnel, and does not require professional experts. However, the
possibility of adding employees will be adjusted according to future needs. The details of the
current workforce are as set out in the attached table below.
Position Level Total
Advisor 2 Person
Board of Commissioners 2 Person
Board of Directors 2 Person
SVP 2 Person
AVP 5 Person
Senior Manager 2 Person
Manager 14 Person
Assistant Manager 3 Person
Officer 89 Person
Page 14
Total 121 Person
Page 15
VI. KETERANGAN TENTANG RENCANA PERUBAHAN PENGGUNAAN DANA DAN
RENCANA PENAMBAHAN KEGIATAN USAHA
A. Plan to Change the Use of Proceeds
1. Explanation, Considerations, and Reasons for the Plan to Change the Use of Proceeds
On June 30, 2026, the Company obtained an Effective Statement Letter No. S-85/D.04/2026 from
the Financial Services Authority (Otoritas Jasa Keuangan) in the framework of the Capital
Increase by Granting Pre-emptive Rights I ("Rights Issue I") to the Shareholders of the Company
and listed the additional shares on the Indonesia Stock Exchange ("IDX") on July 23, 2026, with
total listed shares amounting to 996,676,699 new shares at a nominal value of Rp12 (twelve
Rupiah) per share. The exercise price for said shares was Rp238 (two hundred thirty-eight Rupiah)
per share.
The Company planned to use the proceeds obtained from Rights Issue I, after deducting issuance
costs, for:
1. Approximately 45.44% (forty-five point four four percent) will be used for the repayment of
the Company's debt to PT Bara Alam Utama.
2. Approximately 41.32% (forty-one point three two percent) will be used by the Company to
fund daily operational needs (Working Capital), which includes operational costs of main
business activities, marketing and merchant development costs, information technology and
operational support costs, as well as general and administrative expenses.
3. The remaining approximately 13.24% (thirteen-point two four percent) will be allocated as
capital expenditure (Capex) for investment in fixed assets to support the increase in service
capacity and supporting infrastructure, which includes, among others, the purchase of
hardware and supporting infrastructure, namely Fortige Firewall, PDF Pro, ERP, Device for
Payment Gateway, Acquiring Host, S
Perseroan The Company emphasizes that the aforementioned use of proceeds has undergone
changes as follows:
1. Approximately 60.33% (sixty-point three three percent) will be used for the repayment of
the Company's debt to PT Bara Alam Utama.
2. Approximately 25.02% (twenty five point zero two percent) will be used by the Company to
fund daily operational needs (Working Capital), which includes operational costs of main
business activities as well as general and administrative expenses.
3. The remaining approximately 14.66% (fourteen-point six six percent) will be allocated as
capital expenditure (Capex) for investment in fixed assets to support the increase in service
capacity and supporting infrastructure.
The Company periodically conducts evaluations on the effectiveness of the Capex investment
plan so that it remains aligned with the direction and business strategy of the Company, which
continues to evolve. This change in the use of proceeds is a step toward optimizing the Company's
asset structure, allowing the available funds to be allocated more flexibly and efficiently to
support.
2. Impact of the Plan to Change the Use of Proceeds on the Company's Financial Condition
In connection with the Plan to Change the Use of Proceeds and with reference to the Company's
Proforma Financial Information Report for the period ended June 30, 2026, the impacts of the
Plan to Change the Use of Proceeds are as follows:
Page 16
1. Repayment of debt to related parties
The allocation of funds for the repayment of debt to related parties amounting to Rp142.06
billion, or 60.33% of the total use of proceeds, increased by 14.89% compared to the previous
plan. This increase in allocation shows that the Company prioritizes the use of funds to reduce
liabilities to related parties. From a financial condition standpoint, this use of funds is
expected to reduce the amount of the Company's liabilities, improve the capital structure, and
reduce the Company's dependence on financing from related parties. With the reduction of
liabilities, the Company's balance sheet structure is expected to become healthier.
2. Decrease in allocation for working capital
Funds for working capital requirements are planned at Rp58.91 billion, or 25.02% of the total
use of proceeds, representing a change of -16.31% compared to the previous plan. This
decrease indicates an adjustment to the Company's operational financing requirements. From
a financial perspective, reducing the working capital allocation can prevent funds from being
excessively placed in unnecessary operational requirements. However, the Company still
needs to ensure the availability of adequate working capital to support operational activities
and meet short-term liabilities.
3. Increase in capital expenditure allocation
The allocation for capital expenditure (Capex), including fixed assets and infrastructure,
amounting to Rp34.52 billion, or 14.66% of the total use of proceeds, experienced an increase
of 1.42% compared to the previous plan. The increase in Capex allocation reflects the
Company's additional focus on asset and infrastructure development that supports business
activities. In the medium and long term, this use of funds is expected to support the
enhancement of operational capacity, efficiency, and the Company's business development.
4. Impact on liquidity and financial flexibility
The changes in allocation basically represent an optimization of the use of funds based on the
Company's needs, shifting some priority from working capital to debt repayment and Capex.
Debt repayment will reduce the Company's liabilities, while the increase in Capex supports
business development. Nevertheless, an increased use of funds for debt repayment and Capex
means a portion of available funds will be used for non-operational needs. Therefore, the
Company needs to maintain a balance between liability reduction, investment for business
development, and adequate liquidity for operational activities.
B. Planned Addition of Business Activities
1. Explanation, Considerations, and Rationale for the Planned Addition of Business Activities
This plan is based on the rapid growth of the national digital payments industry, as evidenced by
official data from Bank Indonesia (BI). In July 2026, the volume of digital payment transactions
reached 5.5 billion transactions, representing an annual growth of 28.69%, while QRIS
transactions grew by 82.42% during the same period. Cumulatively, in the first half of 2026, the
value of QRIS transactions reached Rp600.69 trillion, representing an 89.52% year-on-year (yoy)
growth, with 66 million users and 44.86 million merchants. BI targets reaching 70 million users
and 47 million merchants by the end of 2026. The growth in the merchant and user base directly
drives demand for services supporting the payment ecosystem, such as device maintenance, more
flexible device provision schemes, and other supporting financial services. These developments
form the basis for the Company’s consideration in planning the addition of these business
activities.
The addition of KBLI 95101 (Repair and Maintenance of Telecommunications Equipment) is
relevant, as the Company operates EDC, POS, and other transaction-supporting devices across its
growing merchant network. The addition of this KBLI provides a legal basis for the maintenance
and repair of devices, whether owned by the Company or the merchants, in order to align with
the Company’s existing operational practices. Similarly, KBLI 66199 (Other Financial Services
Supporting Activities) provides the Company with greater flexibility to develop supporting
financial services beyond its core payment system activities, in line with the expansion of the
national payment ecosystem, which currently involves 96 banks and 60 non-bank institutions,
Page 17
without entering into specifically licensed business activities such as insurance and pension funds.
In conducting its business model, the Company provides EDC/POS devices and supporting
transaction equipment to merchants, some of which are provided through rental or lease
arrangements rather than outright sales. This arrangement is increasingly relevant given that the
majority of new merchants joining the digital payment ecosystem are micro, small, and medium
enterprises (MSMEs), which generally prioritize initial cost efficiency (capital expenditure) over
direct investment in device ownership. The addition of KBLI 77394 is intended to accommodate
and provide a legal basis for the provision of devices to merchants through rental or lease
arrangements, thereby providing the Company with greater flexibility in its business model to
reach merchants through various cooperation schemes, including merchants that prefer rental
arrangements over the outright purchase of devices.
In general, the addition of these three KBLI codes is driven by the need to align the Company’s
business licenses with its existing and planned business activities, support revenue diversification
through complementary business lines without changing the Company’s primary focus as a
payment system solutions provider, and enhance the flexibility of the Company’s business model
and competitiveness amid the continued growth and development of the financial technology
industry.
Impact of the Planned Addition of Business Activities on the Company’s Financial
Condition
In the medium to long term, as these business activities are realized as business lines, the addition
of these business activities has the potential to make a positive contribution to the Company’s
financial condition through the diversification of revenue sources, including revenue from device
maintenance services, the rental of EDC/POS devices to merchants, as well as other supporting
financial services activities. With the addition of these business activities, the Company’s
operating revenue is expected to increase, and the Company’s equity is expected to improve in
the coming years. This is also expected to provide added value to the Company’s shareholders.
On the other hand, the development of these new business lines may also result in additional
operating expenses, such as costs for technical maintenance personnel and the procurement of
device inventory for the rental scheme, which need to be offset by the revenue generated from
such business lines. Specifically, for the device rental and lease financing schemes, there may be
an increase in the Company’s fixed assets as the leased devices are recognized, which in turn will
affect depreciation expenses in the Company’s financial statements. Accordingly, it can be
concluded that the addition of these business activities will not have a material impact on the
Company’s financial condition.
Pe VII. INFORMASI PENYELENGGARAAN RUPS
The Company will convene the 2026 EGMS, among others, to obtain approval for the Changes in
Business Activities in the form of adjustments to and additions of business activities, as well as approval
for the change in the use of proceeds from the Company’s Capital Increase with Pre-Emptive Rights I
(PMHMETD I). The EGMS will be held by the Company on Thursday, October 8, 2026, at 10:00 a.m.
Western Indonesia Time (WIB), at the Brass Ballroom, Thamrin Nine Complex, Ground Floor, Jl. M.H.
Thamrin No. 10, Central Jakarta 10230. The agendas of the EGMS are as follows:
1. Discussion of the feasibility study based on the addition and changes to the Company’s business
activities as set forth in the Company’s Articles of Association, in accordance with the provisions of
Statistics Indonesia Regulation No. 7 of 2025 concerning the Indonesian Standard Industrial
Classification (Klasifikasi Baku Lapangan Usaha Indonesia or “KBLI”).
2. Approval of the change in the use of proceeds from the Company’s Capital Increase with Pre-
Emptive Rights I (PMHMETD I).
Page 18
3. Report on the Realization of the Use of Proceeds from the Public Offering through the Company’s
Capital Increase with Pre-Emptive Rights I (PMHMETD I) up to the 2026 Financial Year.
4. Approval of the change to the Company’s full address.
5. Approval of the change in the composition of the Company’s management.
The quorum requirements for the First Agenda are as follows:
The GMS may be convened if it is attended by shareholders representing at least 2/3 (two-thirds) of the
total number of shares with valid voting rights, and resolutions shall be valid if approved by more than
2/3 (two-thirds) of the total number of shares with valid voting rights present at the GMS.
Meanwhile, the quorum requirements for Agendas 2 to 5 are as follows:
The GMS may be convened if it is attended by shareholders representing more than 1/2 (one-half) of the
total number of shares with valid voting rights, and resolutions shall be valid if approved by more than
1/2 (one-half) of the total number of shares with valid voting rights present at the GMS.
Furthermore, the shareholders entitled to attend the EGMS are those whose names are recorded in the
Company’s shareholders’ register 1 (one) business day prior to the date of the GMS invitation. The
EGMS will be held on October 8, 2026, with the announcement made on September 1, 2026, and the
GMS invitation to be issued on September 16, 2026.
VIII. INFORMASI TAMBAHAN
Should the shareholders require further information, please contact the Company during the Company’s
business hours using the contact details set forth below:
PT Cashlez Worldwide Indonesia Tbk
Luminary Tower, Lantai 69
Jl. M.H. Thamrin No. 10 Kawasan Thamrin Nine
Kebon Melati, Tanah Abang, Jakarta Pusat 10230
Telepon: (021) 5745856
Web: www.cashup.id
Email: corsec@cashup.id
Yours sincerely,
Directors
1 September 2026
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Financial Services Authority
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H. Thamrin
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Public Appraiser Office Tobing Panuturi & Rekan
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17/2020
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40/2025
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Jimmy Janal
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Ministry of Law
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Ichsan & Partners
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Indonesia Stock Exchange
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Novita Puspitarini
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Minister of Law and Human Rights
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Ministry of Law and Human Rights
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Notary Jimmy Tanal
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Paul Hadiwinata
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Palilingan & Rekan
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Heri Setianto
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Akhyadi Wadisono
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Josef Surono
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KJPP FDI
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Bank Indonesia
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